BofA Securities Upgrades Apellis Pharmaceuticals (APLS) to Buy

BofA Securities analyst Tazeen Ahmad upgraded Apellis Pharmaceuticals (NASDAQ: APLS) from Neutral to Buy with a price target of $28.00.

The analyst comments "current valuation underappreciates the commercial potential of Empaveli in new rare kidney disease indications (C3G/IC‑MPGN). Since approval in late July, Apellis has received 267 new patient start forms for Empaveli in C3G/IC-MPGN, representing ~5% penetration of the ~5K U.S. patient population. Management reports strong early payer progress, with no full denials to date, and attributes the rapid uptake to Empaveli’s broader label (inclusive of IC-MPGN, pediatric and post-transplant patients) and superior efficacy versus competitor Fabhalta. We note that our C3G/IC-MPGN survey (see our October 20, 2025 report) indicated strong early usage. Additionally, partner Sobi recently secured EU approval, supporting broader global adoption. We are encouraged by the strong launch trajectory and see room for continued upside as momentum builds in coming quarters. We model $508mn in peak US sales in 2033 on 20% peak penetration, contributing $10/share to our PO."

For an analyst ratings summary and ratings history on Apellis Pharmaceuticals click here. For more ratings news on Apellis Pharmaceuticals click here.

Shares of Apellis Pharmaceuticals closed at $20.47 yesterday.

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